Partners

Sorry, you are not eligible for ClozeSure.

ClozeSure has been designed to protect sellers, not buyers.

Yes, you are eligible for ClozeSure.

As long as you are selling your property, unconditionally, with vacant possession and the other ClozeSure requirements are met (for example, a 10% deposit is paid on exchange of contracts).

Sorry, you are not eligible for ClozeSure.

There is a risk for collusion between the parties (such as artificially inflating the property price). When a seller applies for ClozeSure, the application includes a declaration that the applicant has no connection to the buyer and that the transaction is entirely at arm’s length.

Sorry, you are not eligible for ClozeSure.

ClozeSure is only available to a seller whose buyer/s are private individuals.

Yes, you are eligible for ClozeSure.

As long as you are selling your property, unconditionally, with vacant possession and the other ClozeSure requirements are met, for example, a 10% deposit is paid on exchange of contracts and as long as your buyer consists of one or more private individuals.

Yes, you are eligible for ClozeSure.

If any one of your buyers fails in their part of their purchase obligations, after exchange of contracts, then your sale may fail to complete, potentially triggering an acquisition by ClozeSure.

Yes, you are eligible for ClozeSure.

As long as your property sale contract fulfils all the other criteria and conditions of ClozeSure.

Sorry, you are not eligible for ClozeSure.

To be eligible for the ClozeSure Guarantee the minimum deposit your buyer must pay at exchange of contracts is 10% of the agreed property sale price.

You may be eligible for ClozeSure, subject to referral for underwriting.

The maximum period allowable by ClozeSure is 3 months. Any application for periods in excess of 3 months will be referred for approval and, if approved, may be subject to an enhanced premium.

You are welcome to apply for ClozeSure at any time prior to, and on, exchange of contracts and receipt of the 10% deposit from your buyer.

Your guarantee will start on the day you exchange contracts for the sale of your property and confirm receipt of the 10% deposit paid by your buyer. Your conveyancer will need to confirm both exchange of contracts and receipt of the 10% deposit.

If your sale collapses prior to exchange of contracts, you will be entitled to a full refund of your fee.

Yes, you will receive a full refund of your fee

Your guarantee will start on the day you exchange contracts for the sale of your property and confirm receipt of the 10% deposit paid by your buyer. Your conveyancer will need to confirm both exchange of contracts and receipt of the 10% deposit.

If your sale collapses prior to exchange of contracts, you will be entitled to a full refund of your fee.

Sorry, you are not eligible for ClozeSure.

You are only eligible to apply for the ClozeSure Guarantee before, or on, the day of exchange of contracts.

Sorry, you are not eligible for ClozeSure.

ClozeSure is not currently available for commercial and non-residential property.

Sorry, you are not eligible for ClozeSure.

Scottish property law and sales operate differently to in Scotland. ClozeSure is currently only available in England, Wales and Northern Ireland.

Sorry, you are not eligible for ClozeSure.

A condition of the ClozeSure Guarantee is that you are providing vacant possession of your property on completion of your sale.

Sorry, you are not eligible for ClozeSure

ClozeSure’s guarantee to purchase your property in the event of your buyer’s failure to complete is dependent upon your property sale being unconditional.

The ClozeSure Guarantee is not available.

A ‘seller’s default’ is not covered by this Guarantee. You will be in breach of contract and almost certainly be liable to return the deposit to the buyer (who may bring a claim against you for the costs, damages and losses they have incurred due to your breach of contract).

Note that you will not be entitled to a refund of the Guarantee fee.

You will not be able to trigger the ClozeSure Guarantee.

If the deterioration is due to your failure to fulfil your obligations under the sale agreement, you are effectively in breach of contract. This means you would almost certainly be liable to return the deposit to the buyer (who may bring a claim against you for the costs, damages and losses they have incurred due to your breach of contract). The ClozeSure Guarantee cannot be triggered by a seller who is breach of their sale contract.

Note that you will not be entitled to a refund of the Guarantee fee.

You will not be able to trigger the ClozeSure Guarantee.

Although the ClozeSure Guarantee cannot be triggered under these circumstances, if you have buildings insurance, you may well be able to make an insurance claim for the loss.

Note that you will not be entitled to a refund of the Guarantee fee.

You will not be able to trigger the ClozeSure Guarantee.

Tish is a breach of contract due to your failure to disclose material information affecting the property. You will almost certainly be liable to return the deposit to the buyer (who may bring a claim against you for the costs, damages and losses they have incurred due to your breach of contract). The ClozeSure Guarantee cannot be triggered by a seller who is breach of their sale contract or who has provided false or misleading information in pre-contract enquiries.

Note that you will not be entitled to a refund of the Guarantee fee.

You will not be able to trigger the ClozeSure Guarantee.

You will almost certainly be liable to return the deposit to the buyer (who may bring a claim against you for the costs, damages and losses they have incurred due to your breach of contract). The ClozeSure Guarantee cannot be triggered by a seller who is breach of their sale contract, which would include failure to give vacant possession on completion of the sale.

Note that you will not be entitled to a refund of the Guarantee fee.

The ClozeSure Guarantee can be triggered.

The purpose of ClozeSure’s Guarantee is to protect you against your buyer failing to complete the property purchase, through no fault of yours. ClozeSure will acquire your property and pay you the 90% balance (that is, the sale price less the 10% deposit paid by your buyer). ClozeSure will do everything it can to complete its purchase immediately after your buyer has finally defaulted (usually 10 working days after the failed completion date). This is not a guaranteed performance target, but ClozeSure will work hard to try and achieve it.

If you wish to trigger the guarantee, you should immediately advise ClozeSure, who will start the acquisition process.

Your buyer will be given (via the conveyancers) a Completion Notice, giving the buyer ten days to complete the purchase. If the buyer fails to complete, your sale will be deemed to have failed and your defaulting buyer will forfeit their 10% deposit. If you wish to trigger the ClozeSure Guarantee, ClozeSure will purchase the property and pay 90% of the original sale price. ClozeSure will do everything it can to complete its purchase immediately after your buyer has finally defaulted (usually 10 working days after the failed completion date). This is not a guaranteed performance target, but ClozeSure will work hard to try and achieve it. It is essential that your conveyancer works with the ClozeSure conveyancer as quickly as possible (such as providing a full sales pack of title documents, replies to enquiries, etc).

On completion, your conveyancer will deduct their fees, pay any estate agent’s fees, redeem any mortgage on the property (if you have one) and then send you the remaining proceeds of sale.

Inform ClozeSure immediately so that we can commence our own conveyancing process. Our acquisition process activates when your buyer fails to complete on the agreed Completion Date.

We aim to complete our purchase of your property and put you in funds on the same day as your buyer failing to comply with the completion notice and forfeiting their 10% deposit in your favour, usually 10 working days after the failed completion date.

This is entirely up to you. You could grant them a delay or this could result in a ClozeSure acquisition.

If you are able, and feel inclined, to granting your buyer a delay you are free to do so. You must inform us immediately of your revised Completion date so that your Guarantee’s coverage period can be extended (subject to a maximum of 2 weeks).
If you refuse your buyer’s request for a delay, and they fail to complete on the agreed completion date, your conveyancer will immediately send them a completion notice. At the same time, you should immediately advise ClozeSure, who will start the acquisition process.

There is a fair amount of evidence which your conveyancer & you need to promptly provide for our acquisition to proceed without delay.

Your conveyancer will need to confirm their receipt of the buyer’s deposit & provide evidence of the property sales contract, defaulting buyer’s details, the buyer’s failure to complete & reasons why, any charges - mortgages/loans or otherwise - on the property to be repaid, any recent valuations or surveys carried out on the property, property title, search results and any other information ClozeSure would not unreasonably require to carry out their due diligence, claims assessment procedures and conveyancing in order to be able to purchase your property in the 10 working days’ time-frame.

No - ClozeSure guarantees to purchase your property for 90% of the sale value in your original sale contract.

The same amount you would have received if your original buyer had completed their purchase.

As soon as ClozeSure’s conveyancing requirements have been concluded, payment is made to your conveyancer for 90% of the original sale price. Our aim is for this to take place ten days after your original completion date. When your conveyancer receives the money from ClozeSure, they will deduct their fees, pay any estate agent’s fees, redeem any mortgage on the property (if you have one) and then send you the remaining proceeds of sale.

Yes, you continue to be liable for all the fees due to your Estate Agent. The fees will be deducted from your sale proceeds by your conveyancer and paid over to your estate agent.

The purpose of the ClozeSure guarantee is to put you back into exactly the same financial position as if your property sale had completed successfully on the contractually agreed terms. This means all relevant parties (such as your estate agent and conveyancer) are paid their fees in full and any mortgage or other charges on your property are paid off before you receive the remaining proceeds from your sale.

Yes, you are liable for all of your conveyancer’s fees.

The fees will be deducted from your sale proceeds by your conveyancer. Your conveyancer will also deduct the fees due to your estate agent and the amount required to redeem any mortgage on your property. You will then receive any remaining balance. Note that your conveyancer may make an additional charge for completing the sale of the property to ClozeSure. These additional costs are not covered by the ClozeSure Guarantee.

You are still liable for all the costs and deductions which you would have paid if the original sale of your property completed successfully.

Your conveyancer will receive the full sale price (being the 10% paid by your buyer and the 90% balancing payment from ClozeSure) and will be responsible for making various deductions from the sale proceeds before passing on the remaining balance to you. Your conveyancer may charge you an additional fee for the extra work needed to complete the property sale to ClozeSure. This extra cost is not included in the ClozeSure guarantee.

Yes, the transfer of your property to ClozeSure must be free of any mortgages.

If you are in a negative equity situation, you will need to negotiate and agree repayment terms with your lender(s), because your mortgage(s) on your property must be paid off in full as a condition of your sale (both to your original buyer and – if your buyer defaults – to ClozeSure).

No. At the same time that the guarantee is paid, ownership of your property is transferred to ClozeSure.

There is no obligation to trigger the Guarantee so yes, you can decide to keep your property, or put it back on the market.

Note that you will not be entitled to a refund of the Guarantee fee.

Your tax position is unchanged.

By proceeding with the Guarantee, you will receive your original contract price (10% from your buyer and 90% from ClozeSure). So, for tax purposes the position is no different than if you had received the full (100%) price from your buyer.

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Our Trusted Partners

Who can use ClozeSure?

Frequently asked questions

I am buying a property but not selling one. Can I buy ClozeSure?

I am buying a property but not selling one. Can I buy ClozeSure?

I am selling a property which I own, but do not live in. Is ClozeSure available?

I am selling a property which I own, but do not live in. Is ClozeSure available?

I am selling my property to a buyer who is connected to me in some way (family, friendship, education, work). Can I buy ClozeSure?

I am selling my property to a buyer who is connected to me in some way (family, friendship, education, work). Can I buy ClozeSure?

My buyer is a company, a trust or some other business entity (in other words, not a private individual). Can I buy ClozeSure?

My buyer is a company, a trust or some other business entity (in other words, not a private individual). Can I buy ClozeSure?

I am a trust, company, property developer, executor or some other business entity? (in other words, not a private individual). Can I buy ClozeSure?

I am a trust, company, property developer, executor or some other business entity? (in other words, not a private individual). Can I buy ClozeSure?

I am selling a property but am not a private individual, i.e. I am a Trust, company, property developer or some other business entity?

I am selling a property but am not a private individual, i.e. I am a Trust, company, property developer or some other business entity?

My buyer is paying less than 10% of the agreed sale price

My buyer is paying less than 10% of the agreed sale price

I am selling a property which I own but do not live in

I am selling a property which I own but do not live in

My buyers are from overseas

My buyers are from overseas

I am selling a property which I own but do not live in

I am selling a property which I own but do not live in

I am selling a property which I own but do not live in

I am selling a property which I own but do not live in

My buyer is paying less than 10% of the agreed sale price

My buyer is paying less than 10% of the agreed sale price

I am selling a property but am not a private individual, i.e. I am a Trust, company, property developer or some other business entity?

I am selling a property but am not a private individual, i.e. I am a Trust, company, property developer or some other business entity?

My buyers are from overseas

My buyers are from overseas

My buyer is paying less than 10% of the agreed sale price

My buyer is paying less than 10% of the agreed sale price

I am buying a property but not selling one. Can I buy ClozeSure?

I am buying a property but not selling one. Can I buy ClozeSure?

I am selling a property which I own, but do not live in. Is ClozeSure available?

I am selling a property which I own, but do not live in. Is ClozeSure available?

I am selling my property to a buyer who is connected to me in some way (family, friendship, education, work). Can I buy ClozeSure?

I am selling my property to a buyer who is connected to me in some way (family, friendship, education, work). Can I buy ClozeSure?

My buyer is a company, a trust or some other business entity (in other words, not a private individual). Can I buy ClozeSure?

My buyer is a company, a trust or some other business entity (in other words, not a private individual). Can I buy ClozeSure?

I am a trust, company, property developer, executor or some other business entity? (in other words, not a private individual). Can I buy ClozeSure?

I am a trust, company, property developer, executor or some other business entity? (in other words, not a private individual). Can I buy ClozeSure?

My buyers are more than one private individual, acting in concert with each other?

My buyers are more than one private individual, acting in concert with each other?

My buyer/s is/are from overseas?

My buyer/s is/are from overseas?

My buyer is paying a deposit of less than 10% of the property agreed sale price?

My buyer is paying a deposit of less than 10% of the property agreed sale price?

The gap between exchange and completion of my property sale contract is more than 3 months?

The gap between exchange and completion of my property sale contract is more than 3 months?

We have not yet exchanged contracts for the sale of my property and may not do so for a number of days?

We have not yet exchanged contracts for the sale of my property and may not do so for a number of days?

If I apply for ClozeSure in advance and then my sale collapses and contracts aren’t exchanged, am I entitled to a refund of my fee?

If I apply for ClozeSure in advance and then my sale collapses and contracts aren’t exchanged, am I entitled to a refund of my fee?

My property contracts were exchanged (and deposit received) a few days ago?

My property contracts were exchanged (and deposit received) a few days ago?

My property is not residential?

My property is not residential?

My property is located in Scotland?

My property is located in Scotland?

My property is not being sold with vacant possession (because, for example, I have tenants living in the property).

My property is not being sold with vacant possession (because, for example, I have tenants living in the property).

My property sale is “conditional”, in other words, subject to certain conditions being fulfilled (such as obtaining a planning consent)?

My property sale is “conditional”, in other words, subject to certain conditions being fulfilled (such as obtaining a planning consent)?

What if I change my mind and decide not to sell my property, after contracts have been exchanged and prior to completion?

What if I change my mind and decide not to sell my property, after contracts have been exchanged and prior to completion?

My buyer pulls out of the contract and refuses to complete due to a material deterioration in the condition of my property after exchange of contracts?

My buyer pulls out of the contract and refuses to complete due to a material deterioration in the condition of my property after exchange of contracts?

My property burns down, falls down or is destroyed between exchange and completion of property contracts?

My property burns down, falls down or is destroyed between exchange and completion of property contracts?

My property buyer/s pulls out of the Agreement of Sale and completion of contracts due to my failure to disclose material information affecting the condition or value of my property?

My property buyer/s pulls out of the Agreement of Sale and completion of contracts due to my failure to disclose material information affecting the condition or value of my property?

My property buyer/s pulls out of the Agreement of Sale and completion of contracts due to my failure in any other way, i.e. failure to provide vacant possession of the property?

My property buyer/s pulls out of the Agreement of Sale and completion of contracts due to my failure in any other way, i.e. failure to provide vacant possession of the property?

My buyer fails to comply with the Agreement of Sale and fails to complete contracts on the completion date. This is due to a change in their own circumstances and through no fault of my own?

My buyer fails to comply with the Agreement of Sale and fails to complete contracts on the completion date. This is due to a change in their own circumstances and through no fault of my own?

My buyer fails to complete contracts on the agreed completion date. What should I do and what happens next?

My buyer fails to complete contracts on the agreed completion date. What should I do and what happens next?

I am notified in advance of my buyer’s pending failure to complete. What should I do?